§ 59-11-104. Tax on transfer of taxable estate of nonresidents -- Amount -- Property of a nonresident defined -- Exemptions.

(1) A tax is imposed on the transfer of the taxable estate located in this state of every nonresident.

(2) The tax is the amount computed by multiplying the federal credit by a fraction, the numerator of which is the value of the property located in this state and the denominator of which is the value of the decedent's gross estate.

(3) The property located in this state of a nonresident includes:

(a) real property and real property interests located in this state including mineral interests, royalties, production payments, leasehold interests, or working interests in oil, gas, or any other minerals;

(b) tangible personal property having actual situs in this state, including money;

(c) intangible personal property having a trade or business situs in this state, including deposits in banks, negotiable instruments, debts, receivables, shares of stock, bonds, notes, evidences of an interest in property, evidences of debt, and choses in action; and

(d) the securities of any corporation or other entity organized under the laws of this state.

(4) The transfer of the property described in Subsections (3)(c) and (3)(d) is exempt from the tax imposed by this section to the extent that the same types of property of a resident are exempt from death taxes of the other state where the nonresident resides.

Renumbered and Amended by Chapter 2, 1987 General Session